The Synthetic Epidemic: Understanding Identity Fraud after SSN Randomization
The problem of synthetic fraud isn’t new, however there has been a recent spike in synthetic identities that is more challenging to control. The randomization of social security numbers opened up new avenues for fraudsters to develop fake identities composed of invalid information with no ties to a known consumer.
These identities are difficult to distinguish from new-to-credit consumers and their behavior often consists of developing credit over time, making them much harder to detect.
In this white paper, we discuss the different types of synthetic identities and the emerging trends we are seeing post SSN Randomization.